Listed property loan stock company Acucap Properties, on Thursday, reported that its distributions increased 19,3% to 108,51c for the six months to September due to a solid performance from its property portfolio, as well as acquisitions.
The company’s distributions were well above the average distribution growth for the listed property sector of 13%-14%.
Acucap MD Paul Theodosiou said that just more than 10% of the growth was due to the performance of the “core” Acucap property portfolio. “We picked up another 8% growth from the Atlas portfolio and about 0,5% from the Intaprop acquisition,” said Theodosiou.
In May , Acucap unveiled a takeover bid for listed property loan stock company Atlas Properties in a deal valued at about R820 million.
Acucap, which already owns 34,99% of the total issued linked units in Atlas , said it would make a bid to acquire the remaining 65%. This deal was finalised in August with Atlas being delisted and absorbed into Acucap.
The Intaprop deal was finalised last month. Acucap announced in May that it was acquiring the R565 million Intaprop office portfolio.
Theodosiou said that Acucap had sold 38 of the 50 properties in the Atlas portfolio.
He said the Atlas assets Acucap had decided to keep “represented 80% of the total Atlas portfolio in terms of value”.
Because of the Intaprop and Atlas acquisitions, Acucap had increased in size dramatically . It had a market capitalisation of about R4,5 billion and property assets worth more than R5 billion.
In March this year, its portfolio was valued at about R2,7 billion.
